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1、Tech Trend Radar 2024What innovations will transforminsurance in 2024?Explore our expert assessment.Image:Jorg Greuel/Getty ImagesData FabricRobotic HealthPersonalised MedicinePopulation HealthDigital HealthcareBiomanufacturingRobotic RevolutionHuman EnhancementArtificial General IntelligenceKnowled

2、ge GraphsGenerative AI+Quantum ComputingDigital IdentityExtended RealityEdge ComputingUbiquitous ConnectivityAI DemocratisationAI GovernanceDigital Immune SystemDeepfake DefenseBusiness ResilienceDigital Assets+Privacy-Enhancing TechAutomated ComplianceDecentralised Data EconomyMetaverseAutomotive I

3、oTSuper AppsData MeshHydrogen EconomyCarbon CaptureBlue EconomyAmbient ComputingAdaptive AI+Behavioural AnalyticsData-Centric AI+Synthetic Data+Insurance APIs Standardisation+In-Space EconomyNew Energy at ScaleSmart CitiesAI MedicineAutonomous ThingsTrade Secret Protection+Connected Motor Insurance+

4、2The Tech Trend Radar 2024 provides information about technology-driven trends that are relevant to insurance companies in the global insurance sector.Made by insurers for insurers,the radar aims to sharpen awareness,provoke discussion and initiate new business opportunities that appeal toall insura

5、nce clients.It is a collaborative initiative by Munich Re Business Technology and ERGO IT Strategy.Together with Business Units and Strategic Units within Munich Re Group and external experts such as Institute of Electronic Business e.V.,Forrester and Gartner,future trends have been gathered,aggrega

6、ted and rated in order to provide a comprehensive view of technology trends,their maturity and relevance for Munich Re Group and the insurance industry.The Tech Trend Radar 2024 providesan overview of innovative trends and solutions in the global insurance market.Tech Trend Radar 2024Introduction3He

7、althy Human11Connected Experience39Data&AI64Cyber&Crypto104Redefining Industries131AdoptBehavioural AnalyticsDigital Healthcare1618Automotive IoTData FabricEdge Computing444648AI DemocratisationAI GovernanceGenerative AI717376Digital IdentityDigital Immune SystemCyber&Crypto Special109111113Connecte

8、d Motor InsuranceRobotic Revolution138140TrialAI MedicineBiomanufacturingPersonalised MedicinePopulation HealthRobotic Health2023252729Ambient ComputingExtended Reality5053Data MeshInsurance APIs standardisationKnowledge GraphsQuantum ComputingSynthetic Data8284868891Deepfake DefenseDigital AssetsPr

9、ivacy-enhancing Tech117119121Autonomous ThingsBusiness ResilienceHydrogen EconomyNew Energy at ScaleSmart Cities142144146148150AssessHuman Enhancement31Super AppsUbiquitous Connectivity5557Adaptive AIData-centric AI9395Automated Compliance123Blue EconomyCarbon CaptureIn-Space EconomyTrade Secret Pro

10、tection152154156158HoldMetaverse60Artificial General Intelligence97Decentralised Data Economy125Our Solutions34Our Solutions62Our Solutions99Our Solutions128Our Solutions160Our approachContributionImprint7183185ForewordHow to read this reportTech Trend Radar 2024Highlight India Highlight China481016

11、8173Tech Trend Radar 2024ContentsTech Trend Radar 2024Foreword4Joachim WenningChair of the Board of ManagementMunich ReMessage from the CEO2023 was the year in which generative artificial intelligence(GenAI)made a breakthrough and became an integral part of many peoples private and professional live

12、s.Its not presumptuous to say that AI will soon be as ubiquitous as the internet:education,medical research,healthcare,pharma,office work,software development,cyber protection and many other areas will continue to be enhanced by,and dependent on,artificial intelligence.AI is here to stay.The insuran

13、ce industry needs to accept and embrace this reality.And itis doing so:AI already helps us to better assess risk,improve efficiency,retain existing business,and generate new business.At Munich Re,we have been actively using what we call traditional AI for more than ten years now.Many insurers have s

14、tarted exploring and implementing new solutions augmented by generative AI.The progress of GenAI is largely attributable to the way users can leverage data.While traditional AI has typically focused on internal and structured data,the quantum leap with GenAI is that vast amounts of external data ope

15、n up new opportunitiesin the automation of complex processes that traditional AI simply cannot deal with.While this offers great potential for insurers,there are a few things to consider carefully when implementing AI solutions.AI governance,cyber protection and economic efficiency areof paramount i

16、mportance in this context.AI use cases must comply with regulations and laws,such as the EU AI Act,and must be protected against cyber attacks,e.g.,data poisoning.In addition,business cases must take into account the cost of integration into the overall IT landscape.GenAI continues to attract huge g

17、lobal attention.Our Munich Re Tech Trend Radar,now in its 11th year,is designed to help you keep track of the latest developments.And there is more to explore in the world of technology:our experts have assessed the most important future trends that will influence our industry:“Healthy Human”,“Conne

18、cted Experience”,“Data and AI”,“Cyber and Crypto”,and“Redefining Industries”.I invite you to join us for a deep dive into these topics.Sincerely yours,As futurists,trend researchers and technologists,we insurers need to strike a careful balance between passionate enthusiasm and first-principle think

19、ing.Together,we have to understand the fundamental principles of insurance and must use this ability to rethink innovations from scratch.Our new edition of Munich Res Tech Trend Radar is designed to guide you through this journey.Passionate enthusiasm is vital in order to recognise new opportunities

20、 and consciously create sufficient awareness and leeway for their development.Thinking according to the first principle on the other hand helps us to check whether our underlying assumptions are truly valid this can open one up to new dimensions and exponential improvements.This also allows for prag

21、matic approaches,as a new trendin this years Tech Trend Radar shows:Insurance API Standardisation avoids costs,unlike AI-based data extraction from files,increases accuracy and speed for the customer with less friction.In short,you are probably backing the wrong technological horse with generative A

22、I if you merely want to exchange data with your business partner.Tech Trend Radar 2024Foreword5Daniel GrothuesChief Technology OfficerERGO Technology&Service ManagementMartin ThormhlenChief Technology OfficerBusiness TechnologyMunich RApply first principle thinking and build our core competences AI

23、transformation opportunities Stop tinkering with AI(continued)AI is a mighty tool.It is able to bend the innovation curve across industries,increase employee productivity,reinvent the customer journey and redefine business processes.However,for the best outcome,every AI capability needs thoughtful o

24、rchestration with other applications and each AI workflow needs to be properly embedded in an insurers value chain.Back last year,we therefore encouraged insurers to develop their own AI strategy and an AI governance framework,to continue experimenting and to develop clear and tailored business case

25、s.Our key recommendations are crystal clear:Establish AI governance to safeguard your business and protect your customers.Take implementation step by step.Insurers would be wasting money on AI and GenAI projects if overall data quality is insufficient or the underlying systems do not have performant

26、 API interfaces.So,it is vital that we do our homework first.Those who not only create an innovative copy of the same thing but set themselves apart from the market when implementing insurance-specific AI use cases,make the most of innovation funding.This also means that when it comes to generic sol

27、utions,it is better to leave the field to the established providers there is simply nothing in it for insurers.India and China highlightsTo truly understand global innovation dynamics,a global approach is paramount.We invite you to dive into global technology trends and their emerging use cases in t

28、his years Radar.This time we put a regional spotlight on insights from our colleagues at Munich Re China and Munich Re India:“Game Changing India Stack”,for example,aims to help create the worlds first and largest digital public infrastructure.Indias UPI(Unified Payments Interface)enables digital pa

29、yments without a credit card.Our colleagues share their China perspective,they report on new energy vehicles,renewable energy and use cases for battery storage technologies in the insurance industry.Tech Trend Radar 2024Foreword6Apply first principle thinking and build our core competences Culture o

30、f insurance organisation must embrace the changeThe abundance of technology options for any given needhas increased again,allowing us to augment the capabilities of our workforce with smart software to accomplish more progress.There are some tangible challenges waiting to be overcome,including skill

31、s development,organisational change,regulatory requirements and data protection.Most importantly,the culture of the organisations themselves will change.It is now up to each organisation to balance out its own cultural harmony of core values and new opportunities.Lets develop our future togetherMart

32、in Thormhlen&Daniel GrothuesResultTotal trendsSelected trends5 trend fields with 45 trends(8 new trends)(11 adopted or transformed trends)Tech Trend Radar 2024Our approach7Step 1:ScreeningAnalysis of trend developmentsCompiling developments and new trends for 2024 with external analysts reportsand i

33、nternal market know-how,following 3 Golden Rules:1.Technologies that potentially disrupt the insurance industry.2.Technologies that potentially change business models.3.Technologies that potentially have an influence on the value chainand on internal and external processes within the insurance indus

34、try.Step 3:EvaluationAssessment of impact and relevanceClassifying trends according to their level of relevance for ERGO and Munich Re.Analysing trend impact along the insurance value chain and deriving opportunities and risks.Step 2:Aggregation and trend selectionDefinition of trendsAggregating dat

35、a from screening processes and defining the most relevant trends categorised in five primary fields and screening for“outdated”trends.Further drill-down and validation with market data and identification of corresponding use cases.Disclaimer:References to companies do not constitute or imply endorse

36、ment of any company or organisation.8Explore the interactive radar The interactive radar may be filtered by line of business to quicklyfind what is most relevant for you.Each trend comes with a short description,opportunities and risks,and an assessment of a trends maturity.Access the interactive ra

37、dar via Trend Radar 2024How to read this reportTrends are provided with a trend maturity.HoldAdd it to your watch list TrialFirst initiatives should be underwayin the most affected business areasAssessConsider what it maymean for your businessAdoptStart taking full advantage of this technologyThe re

38、port is structured along five trend fields.HealthyHumanConnected ExperienceData&AIRedefining IndustriesCyber&CryptoHoldAssessTrialAdoptTech Trend Radar 2024This years changes 9 Insurance APIs Standardisation Data-Centric AI Adaptive AI Synthetic Data Generative AI Digital Assets Trade Secret Protect

39、ion Connected Motor InsuranceNew trends 2024Adopted or transformed trends Cyber Security(transformed into Digital Immune System)Brain-Machine Interface(integrated into Human Enhancement)Digital Twin(adopted)Human Recognition(adopted)Smart Contracts and Digital Currency(combined into Digital Assets)V

40、accine Technologies(integrated into Biomanufacturing)Large Language Models,NLP,Reinforcement Learning(transformed)Trustworthy AI(transformed into AI Governance)You would like to dig deeper on chosen trends?Our aim is to promote innovative initiatives around each tech trend with our clients and devel

41、op the best solution for the challenges of tomorrow.Please feel free to reach out to us or your responsible client managers with any questions.HoldAssessTrialAdopt10Data FabricRobotic HealthPersonalised MedicinePopulation HealthDigital HealthcareBiomanufacturingRobotic RevolutionHuman EnhancementArt

42、ificial General IntelligenceKnowledge GraphsGenerative AI+Quantum ComputingDigital IdentityExtended RealityEdge ComputingUbiquitous ConnectivityAI DemocratisationAI GovernanceDigital Immune SystemDeepfake DefenseBusiness ResilienceDigital Assets+Privacy-Enhancing TechAutomated ComplianceDecentralise

43、d Data EconomyMetaverseAutomotive IoTSuper AppsData MeshHydrogen EconomyCarbon CaptureBlue EconomyAmbient ComputingAdaptive AI+Behavioural AnalyticsHoldWatch listAssessEvaluationneededTrialInitiatives inaffected unitsAdoptStart initiativesin your unitContactDaniel GrothuesChief Technology OMartin Th

44、ormhlenChief Technology Onew in 2024Data-Centric AI+Synthetic Data+Insurance APIs Standardisation+New Energy at ScaleSmart CitiesAI MedicineAutonomous ThingsTrade Secret Protection+Connected Motor Insurance+Tech Trend Radar 20242024 In-Space EconomyHealthy HumanTechnology impacts in 2024The personal

45、isedmedicine market isexpected to reachUS$690.9bnby 2033.The global brain-computer interface market is estimated to reach US$3.25bnby 2029.Global revenue in digital healthcare is expected to grow at 9.16%p.a.from 2024 to 2028.Surgicalrobotics market is expected to reachUS$36bnby 2032.By 2025,asmany

46、as30%of new drugs are expected to beAI assisted.The vaccine market anticipates a CAGR of 8.6%between202330.Healthy HumanHealthy Human as a trend field considers all technologies that are designed to make our lives healthier.We are observing the development of digital healthcare and behavioural analy

47、tics which enable better coordination between different service providers and health status monitors.Now that artificial intelligence in medicine(generic and personalised)and population health is beingapplied to deliver care in a proactive manner,we are seeing an increase in new diagnosis andtreatme

48、nt approaches being developed for diseases.We also observe development in RoboticHealth,enabling more subtle movements during complex operations or in therapy.Vaccine technologies and drug development is an exemplary state-of-the-art medical research field which is aimed at evolving vaccines for the

49、rapeutic purposes but has been added to AI Medicine and Biomanufacturing this year.The Healthy Human trends in 2024 are aimed at insurers that offer life and health insurance products.It is important for these insurers to understand that,with new technologies in digital health,telemedicine and even

50、the field of biotech,demand for new insurance solutions will not only increase but key functions,like underwriting and risk management,can be enhanced with the technologies identified in the various trends.Behavioural AnalyticsBehavioural analytics monitor,analyse,measure and interpret peoples actio

51、ns,intentions and characteristics from users footprints across devices.Digital HealthcareAdvanced technologies enable completely new approaches to health and wellbeing.Human EnhancementTechnology is used to improve or augment physical,cognitive or psychological abilities,such as through brain-comput

52、er interfaces or exoskeletons.BiomanufacturingThe industrial production of a(bio)product using biological organisms and systems such as cells or microorganisms across diverse industries such as pharma and energy.We have combined vaccine technologies into this trend.Personalised MedicineIncreasing AI

53、 options and medical advancements allow individual and personalised treatments with much higher effectiveness.Population HealthPopulation health refers to the health outcomes of a group,based on data of many individuals in defined populations such as nations,age groups,cultures.Robotic HealthCogniti

54、ve AI in robotics looks promising for the use of robots in care,rehabilitation and prosthetics,as well as surgery.AI MedicineMachine learning and AI modelling is harnessing the vast amount of medical and health data that is being generated in different medical fields such as pharma,clinical and rese

55、arch medicine.All trends 202413new in 2023Hold Watch listAssess Evaluation neededAdopt Start initiatives in your unitTrial Initiatives in affected unitsEvolution over timeTrend Evolution14Healthy HumanAdoptStart initiatives in your unitTrialInitiatives in affected unitsAssessEvaluation neededHoldWat

56、ch listAI Medicine BiomanufacturingDigital HealthcareHuman EnhancementPersonalised MedicinePopulation HealthRobotic HealthBehavioural Analytics20222023202420222021202020232024202220212023202020242022202120232024202220212023202420222021202020232024202220232024202220232024Insurance Value ChainExplanat

57、ionThe illustration represents the impact the trend fields have upon on the insurance value chain.With the dark boxes reflecting areas of high impact,and light boxes low impact.Impacts on the Value ChainProductDesign&PricingSales&DistributionUnderwritingPolicy AdminRisk ManagementCustomer Engagement

58、ClaimsAsset Management15Healthy HumanAI Medicine BiomanufacturingDigital HealthcareHuman EnhancementPersonalised MedicinePopulation HealthRobotic HealthBehavioural AnalyticsBehavioural analytics collects,monitors,andanalyses data on individuals actions and intentions from digital products.This can p

59、rovide more insight on how individuals respond to treatment plans and therapies in the behavioural health field.While behavioural analytics is not a new field,its relevance is continuing to grow in parallel with the amount of data generated across multiple data-sources.The same applies to the growin

60、g number of digital health applications and wearables that are making a remarkable comeback due to breakthroughs in flexible electronics such as batteries.Today,wearables are being developed and equipped with different sensors to track steps,blood pressure or oxygen levels.Concurrently the tools use

61、d for behavioural analytics have developed further,being able to aggregate,analyse and process more data along with contextual information.This is especially relevant for healthcare where data such as blood pressure,stress and sleep patterns can be used for a more holistic health assessment and moni

62、toring of chronic diseases such as diabetes or high blood pressure which require not only medication but changes to the lifestyle.Subsequently,this behavioural data can support patients in better managing their everyday life.When future health problems and diseases can be forecasted based on behavio

63、ural data like physical inactivity,excessive social media use,or non-compliance with treatment plans,behavioural analytics becomes even more appealing for insurers.Opportunities Health and lifestyle data can be used as key information to enable enhanced risk assessment in comparison to static questi

64、onnaire responses Customer segmentation based on behaviour,such as health and wellness habits,products and services can be tailored accordingly Personal habits and health records can be used to more effectively and individually price life and health insurance products Fraud prevention by detecting h

65、ealth risks such as smoking,that customers did not disclose in risk questionnaires,or by uncovering multiple claims for the same condition Usage of new customer engagement channels as data may show that a certain type of life or health insurance is requiredRisks Bias,either in the data or in the alg

66、orithm design,can result in unfair treatment of certain groups of customers Companies collecting and analysing behavioural user data are required tobe compliant with relevant laws and regulations and need to protect the privacy and personal data of their users Fake or incorrect behavioural data can

67、lead to wrong risk-or pricing assumptionsAdoptBehavioural AnalyticsHealthy HumanBehavioural health predictive analytics toolSourceHolmuskHolmusks Management and Supervision Tool(MaST)is a software platform designed as a supporting tool in decision-making and caseload management for mental health pro

68、fessionals.This allows healthcare providers to allocate resources and manage patient flow effectively.MaST features a dashboard interface presenting a comprehensive view of patients categorised by urgency.MaST utilises predictive analytics to focus on determining the likelihood of a patient at risk

69、of a mental health crisis within the subsequent 28 days.This is facilitated through the integration of a risk of crisis algorithm,powered by retrospective data from mental health electronic health records(EHRs).The risk of crisis algorithm plays a role in identifying individuals with higher levels o

70、f risk or clinical complexity and groups such patients into cohorts.Then,healthcare providers can prioritise caseloads based on the urgency and specific needs of patients.Overall,the platform is based on a preventative model of care,to guide practitioners to prioritise interventions effectively.Key

71、InsightInsurers often bear additional costs due to fraudulent insurance claimsAs healthcare providers embrace analytical tools for predictive and descriptive analysis to deliver better patient care and lessen total costs,the same data sources can be used to mitigate risks and curtail fraud occurrenc

72、es.Digital pills are a drug-device technology which combines traditional medications with a monitoring system.This can track information about medication adherence and physiological data on patients,without human intervention.Typically,a digital pill consists of an outer layer such as a gelatine cap

73、sule,and an inner layer containing the sensor or device with the medication.Based on what is in the inner layer,there are three types of digital pills:dissolvable sensors,cameras,and microchip sensors.Applications are respectively segmented into capsule endoscopy,drug delivery,and patient monitoring

74、.The dissolvable sensors are made up of a pair of coppermagnesium electrodes in a silicon disk.Upon contact with gastric fluid,the sensor conveys a distinctive digital code to identify the timestamping of the medication and dose.Digital pills with a camera can send data to the medical professional t

75、o see the digestive tract.For patient monitoring,pills with the microchip sensor can track vitals for up to 16 hours.The commercialisation strategy for this technology is moving away from monitoring adherence in mental health applications to more inclusive solutions where patients see tangible benef

76、its too.Therefore,new use cases could be a few years away.Digital pillsSourceShewalkar et al.,202117Healthy HumanAdoptBehavioural AnalyticsDigital tools enable completely newapproaches to health and wellbeingToday,visiting a doctor remains a burdensome challenge across the globe,especiallyin highly

77、developed countries.The journey from the onset of the disease,to visiting a general practitioner,and then receiving the final diagnosis from a specialist can take several weeks which shows some obvious potential for improvement.Digital healthcare tools can speed up such processes massively.First and

78、 initial checks can be provided on-demand via cell phone(e.g.,symptom checker or skin cancer screening),booking tools support scheduling necessary appointments or send reminders for regular check-ups,vaccinations or screenings.All these tools generate valuable and important data which can be stored

79、in Electronic Health Records(EHR).EHRs allow medical professionals direct access to a patients complete medical history,test results,treatment record and much more.With that,EHRs do not only enable faster and better diagnosis but,in conjunction with other digital tools and technologies allows new op

80、portunities in the space of disease surveillance and biometric monitoring.Data sharing is a key enabler in this trend and relies on interoperability,privacy protecting policies and standards to enable industry players to create safe data sharing partnerships.Mayo Clinic Platform and Amazon Web Servi

81、ces Data Exchange are examples of technology aimed at data sharing.Together Digital Healthcare solutions simplify the coordination between the different service providers:doctors,hospitals and insurance companies.The data(once standardised and structured)from solutions such as remote photoplethysmog

82、raphy tools can provide valuable data-driven insights which are increasingly being used by healthcare and insurance providers to improve customer propositions.Opportunities Patients receive their intervention earlier,medication and treatment errors can be reduced,and the standard of care increases t

83、hrough greater continuity Incorporating digital healthcare technology and tools across the various steps of the patient journey generates vast amounts of connected data,which enable new and in-depth analysis and data-driven decision making including in life&health insurance such as risk selection an

84、d pricing The use of digital healthcare tools increases process efficiencies while reducing administrative burdens which can result in potential largecost savings and improved patient satisfaction and outcomesRisks The use of personal health data generated by digital healthcare toolscan be limited d

85、ue to market-specific regulations it can also make it difficult to scale solutions across markets The creation of real value for patients requires the integration of variousdata sources which again requires structured data and high computing power Personal healthcare data is highly sensitive and mus

86、t be safeguarded The clinical acceptance of efficiency and sufficiency of digital tools needs to be proved over a longer duration All players in the healthcare system need to be educated and trained touse digital tools,especially medical professionals18Healthy HumanAdoptDigital HealthcareMusculoskel

87、etal training platform for home useSourceIncludeHealthIncludeHealth is a health organisation focused on delivering musculoskeletal care and training on a digital platform.This can act as an extension of the physical therapy conducted in a clinical setting.Powered by computer vision,AI,and machine-le

88、arning,the web-based platform provides virtual,interactive exercises that uses motion tracking to record the patients progress.It delivers customised plans,instant feedback,and accurate performance metrics.Upon completion of the exercise,a report is compiled with objective data allowing a medical pr

89、ofessional to review and adjust the recovery plan,integrating in-person care with the virtual exercises.The platform can be utilised in ortho-pedics,neuroscience,pediatric care,senior care,and for general wellness.Combining machine learning algorithms with rPPG technology,which records variations in

90、 reflected light emitted onto the skin(usually the facial area),allows traditional clinical test results to be predicted.Binah.ais Health Data Platform is an AI-powered,video-based software that enables anyone to measure a wide range of biomarkers using a smartphone,tablet,or laptop.Momentum Metropo

91、litans Innovations unit,Exponential,has helped Momentums South African business adopt rPPG technology to predict their clients vitals(e.g.,blood pressure and heart rate variability)for use in areas such as risk classification in their life insurance products.Remotephotoplethys-mography(rPPG)SourceBi

92、nah.ai&Momentum.co.zaDigital Health global market revenue US$193.70bnin 2024US$275.00bnCAGR:9.16%Digital Health utilises technology to enhance both health outcomes and the delivery of healthcare services.The revenue in the digital health market is estimated to rise from US$193.70 billion in 2024 to

93、US$275.00 billion by 2028,with China predicted to generate the most revenue in 2024.Key InsightHealthcare data growth leads the packUse cases of healthcare data should be prioritised at insurers as the growth of healthcare data is expected to accelerate.19Healthy HumanAdoptDigital Healthcare20Artifi

94、cial Intelligence supports medical professionals in diagnosis and treatmentsAI Medicine is a field that uses machine learning and artificial intelligence techniques to analyse medical data and make recommendations or predictions about patient care or drug development.These systems can be used to sup

95、port a variety of medical tasks,including diagnosis,prognosis,treatment planning,and monitoring of patient health.For example,predictive analytics systems can be employed to identify patients who are at considerable risk of developing a particular condition or disease,based upon their medical histor

96、y,demographics,and other factors.Complementary to this,diagnostic systems that use AI to analyse medical images or other diagnostic data to identify abnormalities or diseases,have been maturing regarding early cancer detection by employing both bio-marker-based and visual-based-data.Generative AI in

97、 imaging will improve clinical detection of early pathology and therefore outcomes.This may result in earlier detection of cancers and fewer errors.Consequently,there may be profound insurance impact such as improved mortality and morbidity in general.Alternatively,it may result in more incidental f

98、indings which may complicate UW assessments.Also,AI-based drug discovery incorporating copious amounts of data,such as genomic,chemical compounds,and clinical trial results,can be used to identify potential drug candidates and predict their effectiveness.This field within AI Medicine is being referr

99、ed to as“pharma AI”.We have specifically added two use cases in this trend analysis to expand on this AI sub-trend.Opportunities Improving diagnostic accuracy and reducing the risk of missed or incorrect diagnoses Patient data can be analysed to recommend the most appropriate treatment options based

100、 on the patients individual characteristicsand circumstances Improved clinical outcomes,due to more drugs potentially being available,in a shorter period,with improved efficacy.This could be used to speed up vaccine development to mitigate future pandemics Potentially reduced adverse effects in clin

101、ical trials By automating certain tasks,such as data analysis and decision-making,AI systems can help to reduce the workload of healthcare providers and free up their time to focus on other important tasks Insurance impact:Improved mortality and morbidity in general due to more drugs being available

102、 in shorter periods of time and with fewer adverse effectsTrialAI Medicine Risks In case the data used to train the AI system is biased,it may produce distorted or unfair results,also the system may be less accurate at diagnosing individuals from other patient groups LLMs could improve diagnostic ac

103、cess to the general public,highlighting rarer conditions and thus promoting anti-selection risk in the hands of the insured There are ethical concerns surrounding the use of AI in medicine,including issues related to patient privacy and autonomyHealthy HumanDeepfakes in improving periodontal disease

104、 diagnosis accuracySourceKearney et al.,2022Dentistry generally requires imaging to submit insurance claims,such as bitewings.However,in patients with more advanced periodontal disease or a different dental anatomical configuration,bitewings can ignore important parts of the anatomy.Claims can be re

105、jected due to the required medical images not being available.Generative adversarial networks are the foundation in deepfake technology.Retrace created a GAN-derived algorithm that helps dental practitioners estimate the amount of bone in the mouth outside the borders of dental bitewings,which narro

106、w the field of view.By incorporating inpainting to fill in the missing dental anatomy,a holistic under-standing of anatomy outside of view can be gained.A blinded study using 10,687 radiographs with independent validation from clinicians and research scientists,evaluated the predictive accuracy ofth

107、e network.This nearly matched the clinical standard of 1-mm incrementsin diagnosing dental health.TrialAI Medicine 21Healthy HumanMed-PaLM 2 is Googles recent LLM,specifically designed for the medical industry and trained on a variety of medical information,such as clinical notes,medical journals,an

108、d research articles.It can comprehend and formulate medical knowledge with rationalisation and conclusions.Applications vary from assisting doctors in recognising diagnoses by looking at symptoms and patients medical history,summarising medical records and checking relevant data from research articl

109、es.Although it is still under development,Google is currently piloting the system with a select number of organisations,such as Mayo Clinic and HCA Healthcare.Physicians evaluated the responses given by Med-PaLM 2 to over 1,000 consumer medical questions and favoured the systems answers over those p

110、rovided by doctors in eight out of nine evaluation categories outlined by Google.However,Med-PaLM 2 exhibited a higher incidence of inaccuracies or irrelevant information in its responses compared to their human counterparts.This demonstrates a common challenge in chatbots,its tendency to confidentl

111、y generate off-topic or inaccurate statements.Med-PaLM 2SourceHealthcare DiveHealthcare is major benefactor of investment in AI-based solutions.Healthcare companies are collaborating with software developers to design such AI-based software for use in the healthcare industry.Clinical AIKey InsightTh

112、e potential applications of AlphaFold are vast,as understanding the 3D structure of proteins is crucial for fields such as drug discovery,disease research,and biotechnology.With AlphaFold,researchers can study proteins in a more efficient and cost-effective way,leading to new insights and discoverie

113、s that could have a significant impact on human health and well-being.AlphaFold 1 and 2are open source.AlphaFold moved into a proprietary phase in late 2023/early 2024 using the latest model.Google DeepMind is now partnering with established pharma companies to develop AI-designed drugs.First comple

114、tely AI-generated drug to commence clinical trialsSourceInsilico MedicineInsilico utilised Pharma.AI to create the first drug with a novel AI-discovered target and AI-generated design to enter phase II clinical trials,spanning 12 months in China and the US.Pharma.AI is an end-to-end generative AI dr

115、ug discovery engine,made up of three platforms:PandaOmics,Chemsitry42,and inClinico.PandaOmics identifies and prioritises targets that play a significant role in a diseases effectiveness,and scores potential targets based on their novelty,accessibility by small molecules,biologics,and safety.The aut

116、omated machine-learning drug-design system,Chemistry42,generates molecules with potential-like drug properties for molecular synthesis.InClinico is a data-driven,multimodal forecast software that predicts the end results of clinical trials in phase II.Protein structure databaseSourceAlphaFoldAlphaFo

117、ld is a machine learning model developed by Google DeepMind that can predict the 3D structure of a protein based solely on its amino acid sequence.This is a significant breakthrough in the field of protein structure prediction,as previous methods required experimental data or computationally expensi

118、ve simulations.AlphaFold uses a technique called physics-informed neural networks(PINNs),which combines the power of deep learning with the laws of physics to generate accurate predictions.The model has been tested on a variety of proteins,including those with previously unknown structures,and has c

119、onsistently produced accurate results.TrialAI Medicine 22Healthy HumanPharma AIAI can predict the outcomes of clinical drug trials,enhancing drug development efficacyThis can potentially increase the number of drugs becoming available in shorter time periods,and lead to fewer critical illness and di

120、sability insurance claims.Key Insight30%It is anticipated that by 2025,more than 30%of new drugs will be discovered using generative AI.Biomanufacturing involves the cultivation of microorganisms or cellsto produce a chemical compound,protein,or other biomolecules.In the present age,it incorporates

121、the use of cutting-edge technologies and techniques,such as analytical tools and automation,as well as the application of engineering principles to optimise production,biological processing and design of biomanufacturing processes.As an example,such biomanufacturing techniques are applied to the dev

122、elopment of mRNA vaccines,such as COVID-19 vaccines.mRNA vaccines are a type of vaccine that use a small piece of genetic information called messenger RNA(mRNA)to stimulate an immune response.During the pandemic,many mRNA vaccines were developed,clinically trialled,approved,and subsequently distribu

123、ted world-wide with a never-before-seen speed.Opportunities Optimising the performance of biomanufacturing processes,which can lead to higher productivity and lower costs The design and production of mRNA vaccines could propel research in targeting a wide range of viral infectious agents,such as HIV

124、/AIDS and the flu,and potentially bacteria,and parasites Offers potential to align vaccine development with the continuously evolving nature of pathogens as mRNA vaccines are versatile and can be tailored to specific proteins or fragments of proteins that are unique to certain strains of a virus or

125、bacteriaAs traditional manufacturing methods were unable to meet the urgent demand for vaccines,biopharmaceutical companies pivoted towards innovative biomanufacturing technology platforms.This enabled quicker,safer,and more cost-effective vaccine production and proved to be more adaptable,robust,cu

126、stomisable,and flexible compared to conventional methods.Risks The development and implementation of biomanufacturing technologies can be expensive and may involve significant upfront investments,which could make it difficult for companies to recoup their investments The public may have concerns abo

127、utthe safety and ethical implications of biomanufacturing,making it difficult for companies to secure public support for their products and processes The general publics acceptance of vaccines is essential.One of the primary reasons why measles has not been completely eradicated yet,for example,is t

128、he criticism surrounding the vaccination having potential side effects Regulatory requirements are complex and time-consuming to navigate.Ensuring compliance with these requirements can be a significant challenge for companies TrialBiomanufacturing23Healthy Human20232030Omitting the influence of COV

129、ID-19,the vaccine market anticipates a CAGR of 8.6%from 2023 to 2030.+8.6%CAGRThe companys novel biocatalyticprocess allows for the efficient and scalable production of N1-methyl-pseudouridine(N1-methyl),a modified nucleoside that plays a crucial role in mRNA vaccine stability and efficacy.EnginZyme

130、s biocatalytic process offers several advantages over traditional chemical synthesis methods,including higher yields,lower costs,and a more sustainable production process.The companys technology has the potential to significantly reduce the cost and increase the availability of mRNA vaccines,making

131、them more accessibleto people around the world.EnginZymesbreakthrough is timely,given the growing global demand for mRNA vaccines,particularly in the context of theCOVID-19 pandemic.Key InsightLarge investments signifythe importance of biomanufacturingThe options for transforming and speeding up pro

132、cesses is massive and will impact every stakeholder within the next decade.A combination of six types of human skin cells and a specialised hydrogel bioink allowed scientists to print a thick tri-layer skin,with a thin,protective outer epidermis,the fibrous and supportive dermis in the middle,and a

133、fatty hypodermis as the bottommost layer.Until now,the productionof such a full thickness skin has remained unachievable.In pre-clinical studies,the bioprinted skin constructed blood vessels,skin patterns,and normal tissue formation and was transplanted onto mice.The bioprinted skin graft integrated

134、 with surrounding tissue to heal and close wounds quicker.To further analyse its effects,a full-thickness wound on a pig model was covered with a larger bio-printed skin graft.This showed improved epithelialisation,lessened skin contraction,and more collagen production to reduce scarring.Bioprinted

135、skin exhibiting advanced healing propertiesSourceThe Business Standard24TrialBiomanufacturingHealthy HumanUsing biocatalysis to manufacture key mRNA vaccine ingredientsSourceBusiness WireEnginZyme,a biotech company focused on developing sustainable and efficient bio-manufacturing processes,has succe

136、ssfully produced a key ingredient for mRNA vaccines using biocatalysis.More effective treatments and therapies based on patients individual characteristicsThe primary objective of personalised medicine is to provide individualised treatmentfor each patient,rather than adopting a uniform approach.Pha

137、rmacogenomics is an example of this,where a patients genetic information is used to predict their response to certain medications and enabling doctors to choose the safest and most effective medication for each patient.Genetic testing is another example,helping diagnose and treat medical conditions

138、by identifying genetic mutations that increase the risk of developing specific diseases,such as cancer.This information allows doctors to customise preventive measures,diagnostics,and treatment plans for each patient.Gene therapy has made significant progress recently,including“base editing”,which e

139、nables scientists to precisely alter the genetic code,potentially correcting genetic mutations or changing gene function,and redirecting the immune system to fight disease such as cancer.Trials of base editing are underway for blood disorders like sickle-cell disease and beta-thalassemia,as well as

140、familial high cholesterol.Liquid biopsy is another tool used in personalised medicine,which involves analysing a simple blood sample for genetic material released by cancer cells,allowing for early detection and monitoring of cancer progression.TrialPersonalised MedicineOpportunities Potential to im

141、prove patient outcomes by providing more targeted and effective treatments.This approach can also help to reduce the risk of side effects and improve the overall quality of care and in the end reduce costs Development of new treatments that are tailored to the specific needs of an individual.This ca

142、n help to address unmet medical needs and improve patient care Help to identify individuals at high risk for certain diseases or conditions and provide personalised prevention strategies to help reduce the riskof developing those conditionsRisks Personalised medicine can be expensive and comprises s

143、pecialised treatments that may not be covered by insurance.This could create barriers to access for some patient groups The collection and analysis of sensitive personal data,such as genetic information,which raises concerns about privacy and the potential for discrimination There is currently a lac

144、k of standardisation and regulation in the field of personalised medicine,which could lead to inconsistencies in the quality and accuracy of tests and treatments25Healthy HumanResearchers at Uppsala University have developed a tool that simultaneously measures 21 biomarkers for cardiovascular diseas

145、e(CVD)with great precision by means of a simple blood test.These 21 biomarkers come from circulating proteins which reflect functional disturbances that influence the development of cardiovascular disease;hence the name CVD-21 panel.In the future,instruments such as CVD-21 could play an important ro

146、le in supporting decisions in cases of cardiovascular disease as well as various other diseases.For example,based on selected biomarkers,patients with cardiovascular disease could be divided into more specific sub-categories than we have at present,which would pave the way for more customised treatm

147、ent strategies.New tool for precision medicine in cardiovascular diseaseSourceMedicalXpressLiquid biopsiesSourceDxcoverLiquid biopsies are rapid blood tests that detect multiple types of cancer through the circulating cancer cells or DNA in the blood.Dxcovers liquid biopsy platform analyses samples

148、of blood using infrared spectro-scopy,and leverages AI algorithms to identify the existence of the disease.The platform complements traditional tumour biopsies to further justify the initial diagnosis and provide more information.The organisation expanded from brain cancer to eight types of cancer i

149、n 2022 upon revealing the augmented ability to identify early-stage tumours.To gain regulatory CE marking for brain cancer by February 2025,funds will be used to construct a pipeline of organ-specific examinations.Patients with a high relapse risk can be monitored by tracking the advancement of the

150、cancer and its response to treatment,without surgery.As they can identify small amounts of cancer cells by analysing the whole sample of blood,they are highly perceptive and minimally invasive.Global personalised medicine market analysisWith a projected CAGR of 7.8%from 2023 to 2033,the market is ex

151、pected to reach US$690.9 billion.The personalised nutrition and wellness market is expected to be the highest revenue-generating segment.Customer engagement strategies that target nutrition and wellnesscan reap rewards from this expected growth.Key Insight26TrialPersonalised MedicineHealthy HumanPop

152、ulation healthfocuses on the health ofa population as a wholeto indicate the healthrisk of individuals.It involves understanding andaddressing the various factors thatcan impact health,such as social,economic,and environmental factors.By considering these factors,which today are often not collected

153、or analysed,the prevention of diseases could be more targeted to specific people of risk and therefore decrease current health inequities.Collecting,summarising and analysing such a massive amount of data is only possible if all stakeholders in a health system collaborate-public health agencies,heal

154、thcare provider,community organisations and patients themselves.Lastly,regulators are keyas clear and transparent rules and guidelines are required.Population health strategies will lead to drastic changes in health systems but,in the end,it supports delivering care in a proactive manner as opposed

155、to the conventional reactive approach.Improve the overall health of a community while concurrently reducing healthcare costs by addressing the root causes of poor health outcomes Based upon population health data,health insurance services may be modified to fit the requirements of specific subgroups

156、 and individualsRisks Accurate and timely data is criticalfor the success of population health initiatives.However,collecting and analysing data from multiple sources can be challenging,and may require specialised skills and resources The way care is delivered must evolve for population health.It in

157、volves coordinated work based on inter-professional collaboration,and its complete implementation might takea long time It needs to be ensured that population health data is collected,stored,and used in a secure way that is compliant with relevant laws and regulations and protects the privacy of ind

158、ividualsOpportunities Help to reduce health disparities among different groups of people,such as those with lower income or those living in underserved areas27TrialPopulation HealthHealthy HumanData sharing platform established betweenBoehringer Ingelheim and the Azure OpenAI serviceSourceMicrosoftB

159、oehringer Ingelheim has adopted the Azure OpenAI service to accelerate knowledge sharing across its global workforce.By leveraging the power of artificial intelligence,the company aims to break down language barriers and facilitate collaboration among employees who speak different languages.The Azur

160、e OpenAI service uses machine learning algorithms to translate text and speech in real-time,enabling employeesto communicate effectively regardless of their language proficiency.Instead of dealing with isolated documents,employees will establish a dialogue with the vast medical knowledge accumulated

161、 in all interconnected documents.In the long term,this know-ledge sharing will become even more immediate,thanks to a speech model.Boehringer Ingelheim have invested US$406 million in a deal with Ginkgo to access Ginkgos Codebase,a libraryof more than three terabases(3 billion base pairs)of sequenci

162、ng data,to identify potential therapies.This partnership paves the way for more holisticdata sharing and collaboration across various data sources.Key Insight28African pathogen genomics data sharing platform toaid in research during disease outbreaksSourceChristoffels et al.,2023The COVID-19 pandemi

163、c highlighted the importance of pathogen genomics in disease surveillance and response.Africa has made significant strides in this area,including the establishment of the Africa Centres for Disease Control(CDC)and the African Pathogen Genomics Initiative.However,data governance,infrastructure,access

164、,and privacy remain significant challenges.To address these challenges,a trusted African genome archive is needed to strengthen the use of genomic technology and data governance in Africa.The Africa CDC has established a technical working group to lead extensive continental stakeholder engagement me

165、etings across 37 countries to develop a vision for a data governance platform that can accelerate data sharing during disease outbreaks.Open-source technology platforms and federated data management can help accelerate genomics discovery and empower the overall pathogen genomic data sharing ecosyste

166、m across the continent.Local expertise has been harnessed through a coordinated NGS pathogen surveillance network across Africa,supported by industry partners and funding agencies.Data sharing has been recognised as essential in public health emergencies,underpinned by core principles such as ethics

167、,timely response,equity,accessibility,transparency,fairness,and quality.TrialPopulation HealthHealthy HumanRobotic health refers to theuse of robots and robotic technology in the healthcare industry,such as in surgeries,rehabilitation,and assistance with daily living activities for patients with mob

168、ility impairments.Robotics is increasingly being used in healthcare to improve patient outcomes and quality of care,while also increasing efficiency and reducing costs.One example of this is the use of robots in autonomous blood collection,which can help reduce the workload on medical staff and impr

169、ove the accuracy and speed of drawing blood.Additionally,machine learning,cognitive automation,natural-language processing and conversational interfaces are key technologies that enable robots to interact more naturally with humans,for instance,by providing personalised treatment plans or assisting

170、with medical consultations.Another significant area of robot impact is in medical imaging,such as in CT scans.Opportunities Robotic-assisted microsurgery allows for greater precision,control and reduces the risk of human failureas well as necessary corrective procedures In remote surgery,medical pro

171、fessionals may carry out procedures regardless of where they are.Patients located in remote areas could obtain expert-led surgery if they need specialised care In face of an ageing population and a lack of workforce,elderly care is one of the markets most in need of valuable digital solutions and su

172、pport.This may create new opportunities for insurers to offer new products for robotic care Robotic health systems can monitor patients providing real-time information on their condition and alerting health-care professionals if there are any changesHere,advancement in technology can assist with tas

173、ks such as photon counting,which can help improve the accuracy of the imaging process.This can lead to better diagnoses and treatment plans for patients.Moreover,advancements in this field enable medical staff to focus on more complex and high-priority tasks.Overall,the use of robotics in healthcare

174、 is revolutionising the way medical care is delivered,making it more efficient,effective,and personalised for patients and practitioners.TrialRobotic HealthRisks In case robots begin making medical decisions or offering unsupervised assistance there is a potential risk of liability Human error in pr

175、ogramming or operating the robot as well as mis-communication or misinterpretationof data may lead to unintendednegative outcomes Robotic health is interdependent on other technologies such as computer vision,sensors or machine learning,all of which are prone to their respective own domain-specific

176、errors29Healthy HumanFully automatic blood collection from tourniquet to bandagingSourceVitestroThe leading Dutch clinical laboratory,OLVG,will be the first healthcare provider to introduce autonomous blood drawing devices by Vitestro in 2024.Patients can have the robotic device draw their blood ind

177、ependently under the supervision of a trained medical professional.With Vitestro,the entire process is completely automated to ensure consistent procedure each time.Vitestros device combines a plethora of technologies,such as AI and ultrasound-guided 3D reconstruction with robotic needle insertion t

178、o achieve precise and secure blood collection.Blood collection is the most common,yet most vital procedure performed-being a key tool for many diagnoses.However,medical staff still need extensive practice to perfect the routine,and yet despite that,have an average success rate of 73%in finding veins

179、.This is a low figure compared to robots that can correctly identify the most accessible vein with 83%accuracy.Global surgical roboticsmarket sizein US$bnPhoton counting CTSourceSiemens HealthineersSiemens Healthineers Photon Counting CT is an innovative technology that is revolutionising the field

180、of computed tomography.This innovative technology uses a novel detector design that counts individual photons,allowing for improved image quality and lower radiation exposure.With its ability to provide more accurate and detailed images,Photon CountingCT is enabling healthcare providers to diagnose

181、and treat diseases more effectively,improving patient outcomes.The technologys ability to countindividual photons allows for improved image quality,which can lead to better diagnoses and treatment plans.Additionally,the lower radiation exposure reduces the risk of radiation-inducedharm to patients,m

182、aking it a safer option for patients who require frequent imaging.The technology also allows for faster image acquisition,reducing the time patients need to spend in the scanner.This leads to a more comfortable experience for patients and can alsohelp to reduce healthcare costs.30TrialRobotic Health

183、Healthy Human9.2710.7612.4914.5116.8819.6422.8826.6831.1436.3720232025202720292031Key InsightAdoption of robotics is highly dependent upon local healthcare systems and their ability to invest.Despite the expected expansion of the surgical robotics market,factors such as high initial costs,limited av

184、ailability,and differing legislation usually hinder its further progression.31Human enhancement refers to the age-old human desire to improve or augment human physical,cognitive,or psychological abilities beyond their natural levels using technology or other means.Rather than simply treating disease

185、 orinjury,the goal of human enhancement isto enhance or augment human capabilities.Examples include using prosthetics and technology to improve physical abilities or using brain-computer interfaces to enhance or regain abilities.The application can range from permanent physical modifications of the

186、human body to regain healthier living,to wearable gadgets with the key goal of enhancing a healthy humans capabilities.Recently so-called brain-computer interfaces(BCIs)have made progress towards the commencement of initial clinical trials.The overarching potential human application aims to restore

187、or regain specific body or sensory functions,such as vision,hearing or the control of prosthetic limbs.Similar human applications have also become possible using less invasive,external devices such as exoskeletons and sensory enhancement devices that are utilising the latest of technologies in their

188、 production.Risks The long-term impact of suchimprovements could be difficult to predict.Significant health risks and related expenses for insurers might result There are complex legal and regulatory challenges to ensure safety and fairness of such enhancements People may feel pressure to enhance th

189、emselves to keep up with others or to meet societal expectationsHealthy HumanAssessHuman EnhancementOpportunities Potentially improving physical abilities such as strength,endurance,reflexes and mobility.This could have a significant impact on people with physical or cognitive disabilities,allowing

190、them to perform activities that would otherwise be impossible Augmenting research on the brain and neural functioning,which could lead to new insights into the workings of the brain and new treatments for brain disorders Regaining physical abilities:prosthetics could be used to replace lost limbs;co

191、chlear implants can be used to restore hearing and/or exoskeletons could re-enable people to walk sooner after a strokeNext-generation exoskeleton technology,known as XoMotion,has been developed by SFU researchers and is poised to offer people living with mobility challenges a new chance at free and

192、 independent movement.The robotic exoskeleton allows individuals with mobility challenges to stand up and walk on their own,without additional support.XoMotion maintains stability and simultaneously encompasses all the ranges of motion and degrees of freedom needed for users to self-balance,walk,sid

193、estep,climb stairs,crouch,and more.Sensors within the lower-limb exoskeleton mimic the human bodys sense of logic to identify structures along the path,and in-turn,generate a fully balanced motion.The development of XoMotion has the potential to revolutionise the healthcare sector,particularly in re

194、habilitation and physical therapy.Worlds most advanced exoskeletonSourceSimon Fraser UniversityNeural wristbands for thought-based typing currently in developmentSourceDigital WatchMeta is creating a neural machine interface wristband that allows users to type by detecting neural signals in the arms

195、 nerves.Utilising a non-invasive technique called electromyography(EMG),the device canbe used to type by just thinking or making minimal hand movements.Unlike Elon Musks Neuralink(see next page),which requires brain implants,Metas wristband will use the spare bandwidth in the human nervous system to

196、 pick up signals to control external devices.Mark Zuckerberg showed a prototype in 2021,and in early 2024 indicated they area few years away from a consumer product.This technology could revolutioniseaugmented reality and human-computer interaction,enabling private and discreet communication through

197、 thought or minimal hand movements.Key InsightAugmentation of human capability via BCIWhile human enhancement via brain-computer interface technology has made headway into different sectors(medical,military,entertainment)it can be further split into three categories:invasive,partially invasive and n

198、on-invasive.Non-invasive is by far the largest market,owing to the high applicability of this technology to products,such as headsets and amplifiers.32Brain-machine InterfaceConnected ExperienceAssessHealthy HumanHuman Enhancement Neuralink:Clinical trial open for enrolmentSourceReutersThe study aim

199、s to assess the safety and efficacy of Neuralinks N1 implant,R1 robot,and N1 User App on adults with quadriplegia resulting from cervical spinal cord injury or amyotrophic lateral sclerosis(ALS).The brain implant is a device that decodes thoughts into commands a computer can comprehend without physi

200、cal input.To install it,a surgeon removes part of the patients skull,and the robot inserts the implant into brain area controlling upper limb movement.The implant will collect the users brain signals and wirelessly relay them to the N1 User App to analyse and decode the intended movement.In-ear BCI

201、for integration of visual and auditory elementsSourceWang et al.,2023SpiralE is a device made of a flexible polymer that transmits electronic signals from the user to a computer,innovated by a team from Beijings Tsinghua University.It can conform or expand in the users ear canal and establish a digi

202、tal connection to the brain.This technology unlocks possibilities such as translating thoughts into text,controlling digital objects through thoughts,and enhancing human memory.Brain-machine InterfaceConnected ExperienceAssessHealthy HumanHuman Enhancement 20302050+85%As neurodegenerative disorders

203、become more prevalent,it highlights the demand potential for BCI in the future.The number of people affected by dementia is expected to rise from 82 million in 2030 to 152 million by 2050.Key InsightOrganoid intelligence field of research is establishedA new branch of science was created in 2023 cal

204、led organoid intelligence which is now considered as the next frontier of biocomputing.This area of research focuses on the use of neurons to handle information storage and processing,and its link to electronic devices.33MR Digital Solutions for Life&Health MIRA PoSBrings our know-how to your point

205、of sale MIRA PoS is a“software as a service”product developed by Munich Re which digitalises your processes at the pointof sale from the capture of case and application data,via risk assessmentto reporting.Whats so special about this MIRA Digital Suite module?It works invisibly in the background for

206、 applicants,gives you plenty of room for differentiation from competitors and,depending onthe scope of use,delivers risk-related or even case-closing acceptance decisions that are based on the very latest knowledge.MR Digital Solutions for Life&Health MIRApply InsuredImprove client interaction with

207、digitalised queriesOnce the insurance application details provided by a potential client have been checked,further information(such as relating to pre-existing conditions or pastime risks)may be required.This necessitates the underwriter going back to the client to gather additional details.MIRApply

208、 Insured transforms the traditional laborious process,making it faster,more accurate and more client-friendly.The web-based tool virtually eliminates the need for time-and paper-intensive requests,making the whole process markedly more efficient.Healthy HumanOur SolutionsIntegrate Munich Res underwr

209、iting expertisedirectly into your applications.Digitise the applicationenquiry process.Claudia AllenProduct OwnerMIRA PoS andMIRApply InsuredMR Digital Solutions for Life&HealthSHIELDDetect potential fraud in your health insurance businessSHIELD automates health insurance claims processing and leads

210、 to better decision making,faster claims responses,and costsaving.It is designed for health insurers to automate their medical claims adjudication,detect potential fraud,waste,and abuse,and generate savings by rejecting payment of claims with the right medical justification.SHIELD comes with a stand

211、ard rule set for specific geographies but also gives insurers the flexibility to modify or add rules.Furthermore,it can approve or reject a claim based both on medical rules and machine learning models.MR Digital Solutions for Life&Health CLARA plusFor the first time,a system-based calculation of th

212、edegree of disability Until recently,it was common under-standing that there is no way to digitalise the claims handling process for disability insurance.The traditional process,which calculates the degree of disability manually,is time-consuming and requires in-depth medical expertise and is theref

213、ore less efficient.With the introduction of the CLARA plus service,Munich Re now empowers its clientsto calculate the degree of disability automatically,leveraging thefollowing benefits Enhanced resource management Cost reduction for claims administration and processing Transparency and reproducible

214、 decision-making Improved reactivation rate Data analysisHealthy HumanOur SolutionsCLARA plus supports the claims decision processin a structured andconsistent way.Stephan JacobProduct OwnerCLARA plusMunich Re Automation SolutionsALLFINANZ SPARK/NOVAIgniting the digital revolution in life insuranceM

215、unich Re Automation Solutions automated underwriting platform offers a flexible rules engine to enable insurers to modify rules that reflect your individual underwriting philosophy and changing business strategies,with the ability to integrate third-party data through data exchange.Equipped with a p

216、re-configured starter underwriting rulebook to accelerate your time to market,the easy-to-use rulebook designer enables you to customise the solution to your specific underwriting guidelines.Munich Re Automation SolutionsInsightCreative,intuitive and approachable analytics for your entire team60+out

217、-of-the-box dashboards provide users of ALLFINANZ SPARK and NOVA with additional prescriptive analytics and trends data to enable continual refinement of rules and processes,to optimise rules engine performance.With a visually rich interface,interactive and dynamic dashboards provide understandable

218、analysis of underwriting data enabling you to move beyond static charts.Munich Re Automation SolutionsPredictorAccelerating your journey to predictive underwritingWith more data available today than ever before,insurers are looking to move beyond traditional underwriting to embrace predictive techno

219、logies.As an additional module in combination with SPARK/NOVA(see right),ALLFINANZ Predictor enables you to embrace predictive technologies that span data preparation,model deployment,integration,and performance monitoring,with a proven ability to increase straight-through processing rates,reduce th

220、e need for evidence collection,and deliver a better customer experience.Healthy HumanOur Solutions36MR Digital Solutions for Life&Health IQ2Health and IQ2LifeDesigned to streamline the underwriting process while enhancing speed and consistency Leading-edge and open-ended,IQ2Health and IQ2Life are de

221、signed to support an A to Z solution for underwriters and commercial managers within reinsurance,insurance,brokerage and TPA companies.From receiving an SME,Individual,Group Others and/or Group Life quotes to issuing a quotation,IQ2Health and IQ2Life go through the automated underwriting process for

222、 new and renewal business for optimal business results.Benefits at a glance Clients can access the quotation platform from anywhere with an internet connection,eliminating the need to be physically present or use specific device The platform is responsive and compatible with various devices,includin

223、g smartphones,tablets,and desktop computers Service Oriented Architecture(REST enabled)to communication with other essential business systems The self-service/POS model enables our clients more control over the quotation process and reduces the need for intermediaries The platform provides real-time

224、 pricing updates that streamlines the collaboration between underwriting departments and reinsurance team eliminating the need for phone calls or emails Reduced risk of human error in the quoting process through automated calculations and dynamic pricing resulting in lower TAT and higher hit ratios

225、The platform prioritises security and data protection,ensuring our clients sensitive information is stored and transmitted securelyMR Digital Solutions for Life&Health SMAARTA comprehensive toolset to monitor,steer and grow thehealth portfolio Specialised portfolio steering tools developed by Munich

226、 Re HealthTechto provide key insights which can be leveraged by our clients.The toolset includes Portfolio Tool Monitor KPIs ofentire book of business Group Tool Analyse and renewgroup policies with all the details Individual Tool Analyse and renew individual polices Policy Performance Monitor Detai

227、led analysis at policy level Visualizer a segmented portfolio approach to enable a deep understanding of performance to devise and adjust an optimal profit-making strategy Key user alerts,notifications anddata insights Future proof sharding-ready solution to address data residency regulationsHealthy

228、 HumanOur SolutionsMR Digital Solutions for Life&Health alitheia Clarity at the point of risk assessmentArchitecting for a better view of riskThe life insurance industry is reaching an inflection point,with rapid acceleration in the shift of sales to digital platforms which has driven Munich Re to i

229、ntroduce alitheia in the US market.This is an industry-transforming risk assessment and instant decisioning system that helps carriers grow with confidence,while revolutionizing the customer buying experience.Benefits at a glance Rapidly expand instant decisioning with limited increase in mortality

230、cost Modernise the buying experience Accelerate with confidence given built-in access to reinsuranceHealthy HumanOur SolutionsMR Digital Solutions for Life&Health Next Generation AI-Augmented UnderwritingArchitecting for a better view of riskIn the Asia-Pacific and MEA region Munich Re has built AI

231、powered solutions thatcombine deep domain knowledge,responsible AI,data,modern technology,and riskacceptance.This enables a significantly improved customer experience,operationalefficiency,risk selection,and ultimately sales and profitability for life and health insurers.Benefits at a glance Increas

232、e STP with minimal risk increase to remain competitive Personalised,tech-enabled,fast and delightful UW journey for customers More efficient internal operation and enhanced risk controlsDownload our white paper on Next-Gen AI-Augmented Underwriting here38Connected Experience40Technology impacts in 2

233、02450%ofcustomers wontconnect smartappliances.The ExtendedReality(XR)Marketis expected to growto circaUS$472bnin the next5 years.AIis rated asthe most relevanttechnology trend(62%),followedby cloud(57%),dataanalytics(55%)and5G(45%).The CAGR ofthe data fabric marketwill rise22.3%to reachUS$9.36bnby 2

234、033.The number ofglobal IoT connectionsis estimated to grow tomore than29 billion by 2027.5.35 billionpeople worldwideusing the internet as of Jan 2024.41Connected ExperienceHold Watch listAssess Evaluation neededAdopt Start initiatives in your unitTrial Initiatives in affected unitsAmbient Computin

235、gCombining Smart Home and Internet of Things to use computers and the Internet without consciously using them.Data FabricFabric-like data management infrastructure for distributed networks that create unified data environments to share formerly disparate,inconsistent data.Edge ComputingEdge computin

236、g processes data as close to its sourceas possible at the edge of the network structure.Therefore,the application services reduce the volumesof data that must be moved.Extended RealityReal,augmented and virtual worlds are increasingly merging and changing peoples perception oftheir environment.Metav

237、erseAs part of the developments of the“Internet in 3D”,Metaverse advocates a multitude of interoperable platforms upon which users can present as avatars,cooperate for business(or leisure),own assets,and innovate.All trends 2024Super AppsThese apps offer a single point of access for various everyday

238、 digital customer services,as already successfully used in some regions.Automotive IoTA complex system of devices like sensors,cameras or GPS tracker make long-and short-range wireless connections which generate enormous amounts of data.Ubiquitous ConnectivityGreater amounts of data volume are being

239、 processed more energy-and cost-efficiently on wireless networks and combined with IoT technology.The field of connected experience encompasses trends that are associated with or facilitated by network and infrastructure technologies.This concept refers to the interaction among various systems,devic

240、es,and entities,for instance,through data fabric or IoT infrastructure.This technology plays a crucial role in reducing data processing costs and increasing energy efficiency,making connected experiences essential for developing digital infrastructures.In 2024 many trends continue to mature,e.g.,the

241、 advancement of data fabric,which emphasises the efficient and integrated handling of data across diverse platforms and environments.Additionally,extended reality is emerging as a significant trend,blending virtual and real environments for more immersive experiences.Currently,there is active develo

242、pment in 5G and its advanced successor technologies.In the future,these technologies are expected to significantly enhance applications like self-driving cars,facial recognition systems,and extended reality experiences.new in 2024Evolution over timeAmbient ComputingAutomotive IoTData FabricEdge Comp

243、utingExtended RealityUbiquitous ConnectivityMetaverseSuper AppsTrend Evolution Connected ExperienceAdoptStart initiatives in your unitTrialInitiatives in affected unitsAssessEvaluation neededHoldWatch list2024202220222022202120202022202142202320242023202420232024202320242024202320242023202320242023I

244、nsurance Value ChainExplanationThe illustration represents the impact the trend fields have upon on the insurance value chain.With the dark boxes reflecting areas of high impact,and light boxes low impact.ProductDesign&PricingSales&DistributionUnderwritingPolicy AdminRisk ManagementCustomer Engageme

245、ntClaimsAsset ManagementImpacts on the Value ChainConnected Experience43Ambient ComputingAutomotive IoTData FabricEdge ComputingExtended RealityUbiquitous ConnectivityMetaverseSuper AppsOpportunities Develop make/model/year security scoring model,similar to crash protection scores,as well as scoring

246、 automotive ECU vulnerability Partner with FBIs Automotive Sector Specific Working Group or American Trucking Associations Fleet CyWatch(or other subject matter experts such as Automotive-ISAC USA,Europe,Japan)Support business continuity and resiliency planning for fleets Provide affirmative add-on

247、motor coverages to dealerships,motorcarriers,and owner/operators for e.g.,expenses on towing,diagnostic,repair and replacementCommercial vehicle makers,dealerships,motor carriers,and operators increasingly add sensors which generate enormous amounts of data.To share all this valuable data,automotive

248、 sensors make long-and short-range wireless connections,including connections to devices within or nearby the vehicle or trailer.These numerous connections present attractive avenues for insertion of malicious code by threat actors seeking financial gain or harm.Some say we too often trade increased

249、 convenience for decreased security.44Risks Known vehicle exploits are increasing in sophistication and frequency and are expected to increase in severity.Motivated threat actors can bypass layers of security such as network segregation and authentication Remote API hacks require no special hardware

250、 and only low-level technical expertise.In addition to stealing data,exploits can disrupt,lockdown,or takeover control of individual vehicles,or even fleets of vehicles 20-year vehicle lifespans concern experts who now seek government funded back-stops to pay damages resulting from potentially massi

251、ve automotive IoT events which could cost insurers more than US$10bnConnected ExperienceAdoptAutomotive IoTWireless hacking demo shows tractor-trailer vulnerabilitiesSourceTransport TopicsThe National Motor Freight Traffic Association(NMFTA)demonstrated a wireless hack on a tanker truck to expose vu

252、lnerabilities in tractor-trailers.The hack targeted trailer brakes through an unconventional wireless interface,emphasising the need for robust cybersecurity measures.NMFTA urged fleets to prioritise firewalls and mitigation technologies to safeguard against potential exploits.If they take down an i

253、ndividual truck,the results will be expensive.If they take down an entire trucking company,the results will be devastating.Connected ExperienceAdoptAutomotive IoT45It is estimated that the volume of the global Automotive IoT market will grow to US$882bn by 2028 from about US$494.2bn in 2024.CAGR+15.

254、6%A data fabric enables analysis and sharing of formerly disparate,inconsistent data fromdistributed networks and different data sources.Data fabrics are designed to enable applications and tools to access and transform different types of data,regardless of their storage location in the cloud or on

255、premise and supporting established data standards and systems.They create unified data environments in distributed computing networks evenamong reinsurer,insurer,agent and third-party networks.Due to a metadata driven approach they provide a solution to the ever-growing data quality problem which is

256、 a key challenge for the successful implementation of all data-enhanced technologies.Next to core capabilities such as data integration or support of data governance,theuse of knowledge graph technology or general AI technologies in a data fabric design,for example,also promises enhanced business va

257、lue for different users through the combination and contextualising of data.There are various products and platforms available in the market promising data fabric solutions.However,independent of the underlying technology or tool,onekey constraint to be tackled in an organisation is the maturity of

258、knowledge and handling of data management and data governance.46Risks Profound understanding of datamanagement and data governanceis a prerequisite for effective data fabric implementation and usage In case of bespoke data fabrics,highimplementation costs may arise for the redesign of static infrast

259、ructure to enable a mesh network environment Strong data security,along with access policies and technologies,are neededto ensure proper sharing of dataOpportunities Fast and scalable provisioning of data products for insurance use cases,for example in underwriting or CRM Providing integration pipel

260、ines for fast growing and complex datagenerated by partner networks and ecosystems Overcome data silos with todaylimited use cases,to enhance usageof data within business user decision makingConnected ExperienceAdoptData FabricMS FabricSourceMicrosoftNew universal Data Fabric solution launchedMicros

261、oft Fabric is an all-in-one,cloud-based data analytics tool covering the entire data analytics lifecycle,fromdata storage to data integration,data warehousing,data science andreal-time analytics.It is estimated that the global data fabric market will rise from about US$1.90bn in 2022 to about US$9.3

262、6bn until 2030.CAGR+22.3%Connected ExperienceAdoptData Fabric47Key InsightData is key in a digitized world.Insurers need tomove towards a data driven architecture leveraging the value of customer and insurance data to gain advanced business insights.Recent advancements in Generative AI are markedly

263、enhancing data fabric capabilities.For example,enabling AI-driven metadata management and AI-automated construction of complex,dynamic data integration networks.Despite this autonomous automation trend,the increasing regulation around data and AI necessitates insurance business units preserving the

264、capacity to explain data ownership,lineage,and usage throughout the entire enterprise.This underscores the importance of meticulous data governance on top of the data fabric.Georg OporaSenior EnterpriseArchitect,ERGO Edge Computing could also improve the underwriting process or claims handling by us

265、ing edge data for more accurate assessments Risks Edge computing needs propersecurity measures to protect localdata e.g.,through transport andstorage encryption The edge algorithm needs to distinguish between important and unimportant data.Errors might lead to wrong business decisions Supply for loc

266、al computing powerneeds to be ensured The evolving nature of edge computing may pose challengesin terms of regulatory compliance especially in the case of devicesspread across national borders,for example Over the air updates(OTA)can be hard to conduct on devices that have limited bandwidth,storage,

267、and processing power,which could leadto incorrect Edge processing resultsThe trend is fuelled by technologies such as 5G,IoT and,of course,newAI applications on the edge.These combinations enhance its capabilities,ensuring efficient data processing and connectivity at the edge.Edge computing use cas

268、es acrossall industries are expected to grow even further over the next few years.48Opportunities Local processing enables a betterresponse to local security requirements or regulations On the edge data processing can proceed even if a(temporary)loss of connectivity occurs With the advancements of E

269、dge AI intelligent decision-making can be made available locally as well as ina network of edge devicesEdge computing collectsand processes data as close to its source as possible at the edge of the network structure.Transmitting large amounts of raw data over a network or into a cloud puts a tremen

270、dous load on network resources.In many cases,it is much more efficient to collect and process data near its source and transmit only the data that hasoverarching business value over the network.Edge application services significantlyreduce the volumes of data that must be moved,thereby reducing tran

271、smission costs and improving speed.Due to lower latency,near real time services including real time analytics are available.The move towards edge computing isdriven by its synergistic interaction with various other technologies,the decreasing cost of computer components including storage,and the she

272、er number of networked devices.Connected ExperienceAdoptEdge ComputingTraditional processing flow(simplified)Data reconstruction on the edgeSourceAZoRoboticsIntroducing a novel approach to data reconstruction,advancementsin AI now facilitate the synthesis of extensive datasets,such as total ocean te

273、mperature,using a limited number of field-deployable sensors.This cutting-edge methodology leverages the efficiency of low-powered edge computing,presenting wide-ranging applications across industries,science and health care.India plans its own sovereign AI infrastructureSourceEdge IR/Financial Expr

274、essIndias Ministry of Electronics and IT plans to enhance the countrys AI infrastructure.The objective is to establish a resilient computing framework for a variety of AI applications,organised across several tiers including edge computing capabilities.Insurers can benefit from maturing edge computi

275、ng solutions in B2B and B2C business.It increases the granularity of data points that can be leveraged for risk assessment,customer assistance services and claims handling.Embedded AI can extend the benefits even further.Key InsightCloud/DatacenterEdgePlatformsEdgeDevicesEdge AI processing flow(simp

276、lified)Cloud/DatacenterEdgePlatforms/GatewaysEdgeDevicesDeploy AI algorithmSend data for AI processingStreaming dataData transferData transferDeploy AI algorithmStreaming dataEdge AIConnected ExperienceAdoptEdge Computing49Taking the concepts of smart home and the Internet of Things(IoT)to the next

277、level,Ambient Computing promises the use of computers andthe internet without consciously using them.While the number of smart devices in homes,enterprises and public settings has increased continuously over the past years,they have often brought less convenience to users than initially expected.Sin

278、gle smart technologies do facilitate daily operations,yet the target vision of a smooth and holistic user experience has not been fulfilled.Ambient computing aims to close this gap.In an ambient approach,technology is all around us and functions deeply anticipatorily:a persons gaze,movements and beh

279、aviour patterns suffice to determine a user needs and provide a perfectly personalised service.Opportunities More accurate risk evaluations based on additional available data points Predictive maintenance on equipment to prevent breakdown Understanding occupancy;e.g.,water is shut off because nobody

280、 is home IoT fuelled Ambient Computing could reduce the need for visual inspections Sensor data could be relayed to insurance companies,causing home insurance premiums to fall50To reach this level of usability and direction without human involvement,the sensors and gadgets need to be ubiquitous,inte

281、r-connected,aligned and smarter than ever.Recent progress in enabling technologies give rise to hopes that an ambient future is in sight.This is especially true for artificial intelligence,in the form of natural language processing,and large language models as well as for advanced communication stan

282、dards.Connected ExperienceAmbient ComputingTrialRisks Low maturity or lack of industry standards inhibits the ability for devices to interoperate Poor IoT sensor data could skew Ambient Computings ability to get it right“Privacy concerns and consumer acceptance Network inconsistency prevents stable

283、data exchanges Low density throughput from single channel radio do not provide enough dataHumanes AI Pin aims to“integrate AI into the fabricof daily life”SourceTFive years ago,two long-time Apple designers founded the start-up Humane.In November 2023,they launched a smartphone replacement.In lieu o

284、f a screen,the device features full voice-and touch-control.The AI Pin,a 5 cm long device,comprises a camera,a speaker,and a projector.Its Laser Ink Display projects text into the users palm or reads information out loud.To address privacy concerns,the AI Pin features a Trust Light that activates wh

285、ile recording.51Generation Alpha Will they embrace Ambient Computing?Recommended readingWDR Innovation Hub Generation AlphaWhile technological advances are a require-ment for making Ambient Computing a reality,adoption by consumers and organisa-tions is crucial.Gen Alpha,meaning those born between 2

286、010 and 2025,is growingup immersed in digital technologies and will likely normalise a fully connected lifestyle.Connected ExperienceAmbient Computing TrialImran ChaudhriCo-Founder&Chairman of Humane,May 2023,in“The Disappearing Computer”TED TalkIn the future,technology will be both ambient and cont

287、extual.of customers wont connect smart appliances50%According to a Wall Street Journal report,only up to 50%of owners of smart appliances have connected them to the Internet.One hypothesis is that consumers do not see the value of doing so or have concerns over the companies privacy policies.Connect

288、ed ExperienceAmbient ComputingTrialThe most profound technologies are those that disappear.They weave themselves into the fabric of everyday life until they are indistinguishable from it.SourceWeiser(1991)via ics.uci.eduTech visionaries have discussed the idea of Ambient Computing since the 1990s,wh

289、en many of todays technologies resembled science fiction.Marc Weiser,former head of Xeroxs PARC computer science laboratory,published the article The Computer for the 21stCentury in September 1991.After the eras of shared mainframes and,later,personal computing,ubiquitous computing will mark the thi

290、rd wave of computing according to Weiser.In an Ambient Computing future,smart machines enhance our lives and prevent risks autonomously,using advanced algorithms and sensors without human intervention.Norman ThomsVP IoT TechnologiesHSB52Real,augmented andvirtual worlds are increasingly merging,chang

291、ing peoples perceptionof their environment.Based on now available 5G technologies extended reality(XR)will become increasingly common in future.Sales forces can use XR to interact virtually with their clients,illustration e.g.,loss scenariosRisks Acting in virtual or mixed realities can cause physic

292、al and psychological stress.Users need to observe their mental health and maintain a sense of reality Advanced connectivity and less dependency on VR-hardware are the infrastructural prerequisites forthe adoption of enhanced reality applications Regulations regarding the privacy of customer data nee

293、d to be implemented.Malicious applications could even result in data leakage,such as providing unintentional insights into a users communication,field of view orlocation,for example53Extended RealityConnected ExperienceTrialOpportunities Extended Reality can be used in the recruitment process or to

294、train employees by deploying virtual simulations of a range of scenarios In the area of car insurance,extended reality can provide a range of personal driving-assistance functions including augmented driving or collision warnings that enhance securityand lowers claims costsExtended reality technolog

295、ies havematured over the past years,with newand enhanced XR devices available inthe market that can be used for private and commercial purposes.Uses cases can be found in numerous industries for marketing,sales or recruitment.Examples include the gaming industry and healthcare sector(e.g.,conducting

296、medical trainings).By swiftly addressing customer concerns in XR,the insurance industry has apotentially significant opportunity for risk assessment and revenue.In an immersive environment physical and virtual graphical objects will interact more and more naturally,creating a mixed or augmented real

297、ity.For example,a person who looks at a product will see contextual information visually integrated.In the context of global workforces,the next generation of virtual meetings could be real-time holographic communication.Holograms are not new but have lacked broad adoption to date as the technology

298、still requires further development.Over the next 5 years the sizeof the Extended Reality(XR)market is expected to grow fromUS$105.58bntoUS$472.39bnwith a CAGR of 34.94%.Augmented Reality(AR)AR technology enhances a users real time environment with multi-sensory digital overlays.Virtual Reality(VR)VR

299、 is a computer-generated 3D environment that places the userinside a simulated experience.Mixed Reality(MR)MR describes the merging of a digital world(VR)with a real-environment(AR).Waiting for a new ExperienceMid of 2023 Apple announced their new MR headset Apple Vision Pro.It promises to blend dig

300、ital content seamlessly with the real world,by users navigating using eye movements for example.Sales started in the U.S.early this year.Holo-portationSourceVA NewsHoloportation technology is revolutionising health careHoloportation enables people to meet in real-time with the help of cameras and se

301、nsors that capture a persons image and transmits it to another location where it appears as a 3D hologram.It offers a variety of use cases across different industries,especially health care,where even the most rural patients can be provided with personal care using holographic technology.Key Insight

302、As VR/AR technology is maturing,the number of consumers gaining experience with it is steadily growing.For insurers it offers a good opportunity to use XRfor improving internal processes as well as customer related use cases.54Extended RealityConnected ExperienceTrialSuper Apps offer a single point

303、of accessfor multiple everyday digital customer services.Already successful in Asia,theconcept might affect business models worldwide.In contrast to single-use apps,Super Apps offer an all-in-one platform with a wide range of multiple online services based on mini-apps ranging from social media to b

304、anking,medical appointments,food shopping,mobility services or lifestyle content.Super Apps aim to provide a highly convenient experience to its users inone holistic app without the need to switch between different applications.Enterprises need to evaluate opportunities and use cases,thinking aboutr

305、eaching their(potential)clients via this channel.Organisations wishing to exploit Super Apps must decide whether they can establish their own Super App along with further suitable partner services or integrate their digital services in an already successful third-party Super App marketplace.Whether

306、an app should be converted to a Super App essentially depends upon how many users accept the apps services now and the future user growth as offerings are extended.Risks Not exploiting the Super App platformsmight lead to a loss of sales and service opportunities The more consumers use a Super App,t

307、he more insurers could lose the ability to cross-and up-sell if no direct contact can be made with the clients anymore Establishing ones own Super Appusually needs a high rate of customer interactions and strong brand affinity,which is usually only given in social apps rather than within insurance u

308、se cases55AssessSuper AppsConnected ExperienceOpportunities Establishing new customer segments for insurance services and products in an established Super App platform Providing easy and low-threshold access to digital insurance services for users in a trusted environment for sales,service or even c

309、laims Optimise processes based upon an API-driven approach necessary for seamless integration across external platforms.Integration efforts need to be consideredSuper Apps risk of failureSourceThe New York TimesIn October 2022,the South Korean Super App Kakao broke down dueto a data center fire.This

310、 caused significant impact for several days for the estimated 90%of smart phone users in South Korea using Kakaos payments,communication,ride-hailing services and more.Thoughtworks states that thereis untapped demand for Super Apps,with 70%of US adults currently ordering take-away online,and 67%of c

311、ustomers saying they want a single platform unifying all their everyday activities.It is estimated that AliPay and WeChat are used for over 90%of mobile payments made in China.Both apps together were saidto reach nearly2.5 billionusers by 2025.India tackles UPI concentration riskSourceThe Economic T

312、imes/PwCThe Indian digital payment landscape has transformed in the past 3-5 years,with an estimated transaction volume of 134bn in 2023,up from 46bn in 2021.Planned government guidelines on market share aim to address current concentration risk in UPI(unified payment interface)providers.Key Insight

313、Insurers need to watch the evolution of this trend closely.The ability of integrating suitable white labelled or branded insurance services in Super Apps might become a“must have”for the accessibility of a wide range of mobile customers in future.Vertical-AgnosticVertical-SpecificPrimary-demandSecon

314、dary-demandEmbedded without causeGraveyard of wannabesThe“OG”Super-App playThe Local LordsPrimary-demanndSecondary-demannd56Connected ExperienceSuper AppsAssessOpportunities Enhanced connectivity opens the door for companies to deliver increasingly valuable services and enriched experiences by lever

315、aging smarter and more interconnected systems Potential for improved efficiency and streamlined operations,as businesses can optimise processes and decision-making through real-time data exchange and collaboration across various interconnected componentsOur capacity to go online from almost anywhere

316、 is crucial for many of our daily tasks.Ubiquitous connectivity means devices can generate,share,and handle data without ever losing their connection.The concept of Ubiquitous Connectivity seamlessly integrates devices across diverse locations,irrespective of service providers.This approach not only

317、 facilitates the deployment of advanced technology to underserved regions,leveraging technologies like Low Earth Orbit(LEO)satellites,but also introduces the capability for edge computing.This technical extension enables data processing and analysis to occur closerto the source,reducing latency and

318、enhancing overall system efficiency.Companies can optimise their offeringsby ensuring a continuous and efficientflow of data.In the end,ubiquitous connectivity holds the potential to significantly reshape social dynamics,influencing how welive,work,and interact on both technological and social front

319、s.57Risks As the number of connected devices rises,the likelihood of data breaches and disruptions to business operations also increases This causes concerns regarding data privacy for individuals,companies,and governmentsAssessUbiquitous ConnectivityConnected Experience6G-enabling technologiesYeh e

320、t al.(2023)describe 6G-enabling technologies along three dimensions:InteractivityImmersive haptic experiences,such as holographic video ortactile interaction,require theproliferation of advanced connectivity standards,such as MPEG-I.IntelligenceArtificial intelligence andmachine learning can enhance

321、the performance of communicationsystems.Intelligent networks will adapt autonomously to changing environments.Connectivity6G usage scenarios will beenabled by advances in data rate,connectivity density as well as latency,reliability,and clock synchronicity.Enabling the next wave of connected devices

322、?First announced in 2019,Amazon Sidewalk creates a low-bandwidth network for IoT devices as an alternative to expensive LTE and 5G networks.Today,the network can be accessed by over 90 percent of the US population.In March 2023,Amazon announced free test kits for developers.The test kits enable deve

323、lopers to validate coverage and build new devices.Among the devices that connect through the Amazon Sidewalk shared community network are the water leak and freeze sensors designed by Meshify,the IoT subsidiary of HSB.By issuing alerts when conditions require action,the Meshify sensors predict and p

324、revent property loss.Amazon Sidewalk:official opening to developersSIn the age of ubiquitous connectivity,constant access to technologywill transform how we communicate,exchange data,and access information,therefore shaping our inter-connected world.Norman ThomsVP IoT TechnologiesHSBAssessUbiquitous

325、 Connectivity Connected Experience58Which technological trends are significant for your company?(C-Level,global,n=3,011)Key InsightOne of the key obstacles that IoT networks have encountered is the limitation in wireless data transfer speeds.As these technologies advance,so will the capabilities of

326、IoT devices,such as sensors,edge computing,wearables,and smart homes.There has been a significant increase in the deployment of newer connectivity options,such as 5G,Wi-Fi 6,LPWAN and satellite connections,which make IoT solutions more viable.AICloud5GAssessUbiquitous Connectivity Connected Experien

327、ce59Data Analytics57%45%62%55%meetings,or brand representation As ownership of digital assets is expected to gain further popularity on metaverse platforms,so will insurance of these assets.Metaverse tokens can take on a wide variety of purposes from land to currency to governance rights.Protecting

328、and insuring these rights,as well as the integrity of avatars and metaverse-related hardware like VR glasses,will be a priority for many users The simulation capabilities of the metaverse help train for or even replace risky physical activities.For example,virtual healthcare and medical training,alo

329、ng with testing of autonomous vehicles on virtual roads The metaverse will offer ample oppor-tunities for behavioural data collection Avatars are a central component of the metaverse,enabling a wide range of interactions from social encounters to professional applications New advances in AI are expe

330、cted to enhance the accuracy of created avatars and 3D models,virtual worlds and digital interactionsNow that we entered the post-hype phase of the metaverse,it is clear that problems of cumbersome hardware,as well as lack in processing power and connectivity are not easily overcome.Yet,we observe n

331、ew alliances(such as the partnership between Siemens and Sony)and the convergence with AI technologies.These ecosystems of diverse organisations and technologies have the power to foster cross-industry applications,offering customised solutions and opening up new opportunities for businesses and con

332、sumers alike.The public discussion around the metaverse has quietened down in recent months;this may signify that a deeper understanding is emerging:The metaverse is not just a single technology or a companys product,but a complex ecosystem.The metaverse describes an immersive digital space that ble

333、nds reality and virtuality through sophisticated augmented and virtual reality technology.The vision goes beyond the gaming worlds that have been known for years:Metaverse advocates foresee a multitude of interoperable platforms on which users can present as avatars,cooperate for business or leisure,own assets,and innovate.In the past two years,many companies explored metaverse use cases,be it for